Notice to the Market

Call Notice to the Debenture Holders‘ Meetings

São Paulo, November 27, 2015 - Contax Participações S.A. ("Contax" or "Company") informs its shareholders, investors and the market in general that, after the Debenture Holders‘ Meetings of November 12, 2015 and in accordance with the material fact disclosed by the Company on the same date, call notices were published today for meetings of holders of the company‘s first second, and third issue debentures, to be held on December 14, 2015, in order to resolve on, among other matters: (i) the sale of up to one hundred (100%) of the interest directly or indirectly held by Contax-Mobitel S.A. ("Contax-Mobitel") in the capital stock of Stratton Spain, S.L.U, and/or its subsidiaries (known, together, as the "Allus Division"), as disclosed in the material fact published on August 31, 2015, and (ii) the renegotiation of the terms and conditions of the debentures, as described in the respective call notices and management proposals disclosed on this date.

José Roberto Beraldo
CFO and Investor Relations Officer